KARACHI: Gold prices sustained firm look on increased hedging following an increase in physical price by around $4 an ounce to stay at $1,251 an ounce in international market. According to gold dealers the bullion price in Karachi recorded a rise of Rs 132 per ten grams to Rs 42,176 per ten grams. Similarly gold prices in Lahore stood Rs 42,004 per ten grams, in Hyderabad it remained at Rs 42,000 per ten grams and in Multan it stood around Rs 42,000 per ten grams, they added. In per tola term, gold gained Rs 154 to stay at Rs 49,142 per tola. Humayun Ahmad Mani, a dealer attributed the sustainability in gold prices to the investment demand by strong investors and short supply fears. He said the commodity would now target $1,270 an ounce on the back of the interest of the investors to allocate money to sectors that would make money, either in stocks or in bullion market. The gold hedgers made some cautious deals while general buyers bought metal on dollar-rupee parity. Mani said goldsmiths and jewellery sector bought metal on cautious note while buying in domestic market remained dull on insignificant demand and liquidity issue. Published in Daily Times, June 23rd, 2017.